Significant Accounting Policies (Tables)

3 Months Ended

Mar. 29, 2015

	Number of Restaurants	Restaurant Locations	Papa John’s Ownership		Noncontrolling Interest Ownership
March 29, 2015
Star Papa, LP	84	Texas	51	%	49	%
Colonel’s Limited, LLC	56	Maryland and Virginia	70	%	30	%
PJ Minnesota, LLC	35	Minnesota	70	%	30	%
PJ Denver, LLC	25	Colorado	60	%	40	%

March 30, 2014
Star Papa, LP	80	Texas	51	%	49	%
Colonel’s Limited, LLC	52	Maryland and Virginia	70	%	30	%
PJ Minnesota, LLC	34	Minnesota	80	%	20	%
PJ Denver, LLC	25	Colorado	60	%	40	%

Schedule of Income Before Income Taxes Attributable to Joint Ventures

The income before income taxes attributable to these joint ventures for the three months ended March 29, 2015 and March 30, 2014 was as follows (in thousands):

	March 29,		March 30,
	2015		2014

Papa John’s International, Inc.	$	3,010	$	1,848
Noncontrolling interests	2,003		1,230
Total income before income taxes	$	5,013	$	3,078

Schededule of Joint Ventures in Which There are Noncontrolling Interests

Joint Venture	Redemption Feature	Location within the Condensed Consolidated Balance Sheets	Recorded Value

Star Papa, LP	Redeemable	Temporary equity	Carrying value
PJ Denver, LLC	Redeemable	Temporary equity	Redemption value
Colonel’s Limited, LLC	No redemption feature	Permanent equity	Carrying value
PJ Minnesota, LLC	No redemption feature	Permanent equity	Carrying value

Summary of Changes in Redeemable Noncontrolling Interests

The following summarizes changes in these redeemable noncontrolling interests (in thousands):

Balance at December 28, 2014	$	8,555
Net income	1,313
Distributions	(1,000		)
Change in redemption value	(70		)
Balance at March 29, 2015	$	8,798

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities that were measured at fair value on a recurring basis as of March 29, 2015 and December 28, 2014 are as follows (in thousands):

	Carrying		Fair Value Measurements
	Value		Level 1		Level 2		Level 3

March 29, 2015
Financial assets:
Cash surrender value of life insurance policies (a)	$	18,806	$	18,806	$	—	$	—

Financial liabilities:
Interest rate swaps (b)	1,470		—		1,470		—

December 28, 2014
Financial assets:
Cash surrender value of life insurance policies (a)	$	18,238	$	18,238	$	—	$	—

Financial liabilities:
Interest rate swaps (b)	376		—		376		—

(a)

Represents life insurance policies held in our non-qualified deferred compensation plan.

(b)

The fair value of our interest rate swaps are based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected London Interbank Offered Rates (“LIBOR”).